<ul><li>Big mining rig makers are raising the stakes with higher hash rates.</li><li>Upcoming crypto mining rigs will provide upwards of 200 terahash per second.</li><li><keyword id="13651246" type="General" weightage="80" keywordseo="microbt" source="Orion">Microbt</keyword> and <keyword id="3485125" type="General" weightage="80" keywordseo="bitmain" source="Orion">Bitmain</keyword> are two of the largest mining rig makers in the world.</li></ul>Even as environmental concerns loom large over the crypto industry, mining hardware makers are raising the hash rates on their machines significantly. Hash rates show the total computing power that is being used for mining <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-editorial">cryptocurrencies</a>. Mining rigs for <keyword id="6354947" type="General" weightage="20" keywordseo="bitcoin" source="Orion">Bitcoin</keyword> and other cryptocurrencies are application-specific integrated circuit (<keyword id="297153" type="General" weightage="20" keywordseo="ASIC" source="Orion">ASIC</keyword>) machines that are produced specifically to mine these digital currencies. At the <keyword id="13651248" type="General" weightage="20" keywordseo="bitcoin-22-conference" source="Orion">Bitcoin 22 conference</keyword> held in Miami earlier this month, bitcoin mining rig manufacturer Microbt <a href="https://news.bitcoin.com/microbt-reveals-latest-bitcoin-mining-rigs-machines-produce-up-to-126-th-s-with-custom-5nm-chip-design/">unveiled a new rig</a> that offers a mining rate of 126 terahash per second (TH/s). The miner, called Whatsminer M50 series, will be shipped from the third quarter of 2022 and is supposed to be significantly more powerful than existing rigs offered by Microbt. But Microbt, which was founded in Beijing, China, isn’t the only company looking to raise the stakes in terms of mining hash rates. The company’s new rig isn’t even as powerful as new devices from fellow Chinese competitor Bitmain, whose <keyword id="13651247" type="General" weightage="80" keywordseo="antiminer" source="Orion">Antiminer</keyword> S19XP and Antiminer S19 Pro+ Hyd, which were unveiled in November last year, offer hash rates of 140 TH/z and 198 TH/s, respectively. Bitmain and Microbt together own the <a href="https://www.scmp.com/tech/big-tech/article/3168035/intels-bitcoin-mining-chip-challenges-chinese-rig-makers-bitmain-and">lion’s share</a> of the crypto mining industry. Bitmain accounted for 75% of the crypto mining market back in 2018, according to a report by research firm Frost &amp; Sullivan. The company had also sought to list on public stock exchanges back in 2019 but let its application on the Hong Kong stock exchange lapse at the time. In March this year, <keyword id="11929735" type="General" weightage="50" keywordseo="coindesk" source="Orion">Coindesk</keyword> reported that BitFuFu and BitDeer, two cloud mining platforms that were spun out of Bitmain, <a href="https://www.coindesk.com/layer2/miningweek/2022/03/22/bitmain-redux-bitdeer-and-bitfufu-are-about-to-test-us-stock-markets-mining-appetite/">were planning to list</a> on US stock exchanges later this year. Bitmain and Microbt are both looking to enhance hash rates well beyond what their current devices can achieve as well. Bitmain had unveiled a device called Antiminer S19 XP Hyd back in January, which provided 255 TH/s worth of computing power, while Microbt suggested during its announcement at the Bitcoin 22 conference that it would also produce mining rigs with 240 TH/s of computing power. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/soon-we-may-be-viewing-the-world-through-a-smart-contact-lens/articleshow/90930777.cms">Soon we may be viewing the world through a smart contact lens</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/indian-finance-minister-says-that-cryptocurrency-could-be-used-for-money-laundering-and-terror-funding/articleshow/90933116.cms">Cryptocurrency could be used for money laundering and terror funding, says Indian finance minister</a>

Bitcoin mining rigs are becoming more powerful despite environmental concerns

<ul class="summary-list"><li>Bitcoin mining machines are pouring into Russia amid its war in Ukraine, per CoinDesk.</li><li>As the US market becomes saturated, mining-rig makers have expanded into Russia.</li></ul>The bitcoin mining industry has proven to be an unexpected beneficiary of Russia's invasion of Ukraine and Western sanctions. Hardware manufacturers, according to <a href="https://www.coindesk.com/consensus-magazine/2023/07/28/amid-sanctions-bitcoin-mining-machines-are-flowing-into-russia-as-industry-thrives/" target="_blank" rel="noopener">CoinDesk</a>, have been doing more business in the country, with more mining machines flowing into Russia than anywhere else in the world. Thanks to its cheap energy and cold weather, Russia has long been a hub for bitcoin mining, and after China banned it in 2021, Russia gained even more market share — all of which has continued amid the war. Although there's risk for foreign firms setting up shop in Russia, the conditions there and improving mining economics remain attractive, blockchain executives said at CoinDesk's Consensus 2023 festival.Not only that, but heightened regulatory scrutiny and taxes in the US and other countries have made previous options less enticing.To the crypto firm <a href="https://cryptocurrencymining.group/id-cmg-market-insights-geopolitics-bitcoin-mining" target="_blank" rel="noopener">Cryptocurrency Mining Group</a>, Russia will be the only nation to substantially accelerate hashrate growth, or the computational power being delivered to the blockchain."Russia had to divert its energy flow from EU in 2022 and being left with large excess capacity, bitcoin mining can be its new client," the company wrote in a report. With cheap energy being a major contributor to mining profits, the region looks poised to develop and attract more business. Sources told CoinDesk that manufacturers Bitmain and MicroBT are active and participating in the Russian market, with Bitmain listing a Moscow office on its website. Both companies, according to the report, offer repair services for local miners in Russia.Meanwhile, it's possible that wartime sanctions have actually provided a boon to the crypto industry. First, bitcoin mining offers a different source of revenue for power producers hampered by the weakening economy. Not only that, but the sector facilitates exchanging rubles for bitcoin, which is accepted globally, unlike Russia's local currency.

Russia's bitcoin-mining industry is booming through war and sanctions

<ul class="summary-list"><li>Canada's Bitfarms is planning a new <keyword id="6354947" type="General" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword> <keyword id="6355267" type="General" weightage="60" keywordseo="mining" source="Orion">mining</keyword> site in Argentina that will support 55,000 mining machines.</li><li>At 210 Megawatts, this will be Bitfarms' biggest site, which is expected to generate some $650 million in revenue.</li><li><keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto" source="Orion">Crypto</keyword> miners are upping their capacity as bitcoin continues to soar in value despite recent headwinds.</li></ul>Canadian bitcoin mining company Bitfarms said late on Monday it is planning a new bitcoin mining site in Argentina that will be its largest yet. The eight-year deal supplies Bitfarms with 210 Megawatt of electricity, at a price of $0.02 per kilowatt per hour in the first four years. In a <a href="https://bitfarms.com/app/uploads/2021/04/2021-04-19-Bitfarms-Final-Press-Release-Argentina-Expansion.pdf">statement</a>, Bitfarms said this will be enough electricity to create revenues of around $650 million or 11,774 <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-editorial">bitcoin</a>. This is however dependent on what happens with the bitcoin price over that time. Bitfarms currently operates five industrial mining sites in the Canadian province of Quebec, with a total wattage of 69 megawatts. At 210 megawatts and 55,000 state-of-the-art mining machines, the Argentine site will have almost three times as much capacity as all current Bitfarms sites put together. Bitfarms mining operations run on hydropower to make <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-editorial">bitcoin mining</a> more environmentally friendly. The company has made a significant expansion effort over the past year by purchasing new mining machines and is working towards being listed on the NASDAQ. In March, it announced that it had ordered 48,000 MicroBT miners, a "substantial portion" of which will be used in the new facility in Argentina. A key factor in the expansion into Argentina is cost reduction. "We previously reported the break-even cost to mine a bitcoin during the fourth quarter of 2020 was approximately $7,500 in Quebec. If the new Argentina facility was operating during the same period, we estimate the breakeven cost to mine the same bitcoin would have been $4,125, a 45% savings as compared to Quebec," Bitfarms said in a statement. This will also enable Bitfarms to use older mining equipment that requires more electricity in a more cost effective way. Crypto miners are increasing their capacity as bitcoin continues to increase in value. Just last week, the crypto currency reached a record of over $64,000 just as the crypto exchange Coinbase went public on the US stock market. Since then, the price has come under some pressure. On Tuesday, it was trading around $55,282.19.

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Bitcoin mining rigs are becoming more powerful despite environmental concerns

BI India Bureau

Russia's bitcoin-mining industry is booming through war and sanctions

Phil Rosen

Canadian crypto miner Bitfarms is planning a huge new bitcoin mining site in Argentina

Sophie Kiderlin